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Binance and Tether are nowhere near big enough to be major financial weapons against the west. They also have nowhere near the sort of supposed major government

Binance and Tether are nowhere near big enough to be major financial weapons against the west. They also have nowhere near the sort of supposed major government or criminal support from anyone interested or powerful enough to stop their possible collapse. That you're claiming they do is odd compared to many, many other more mainstream financial systems that have been used as tools by governments and criminals for a lot longer than crypto has even existed. People could have claimed something similar to what you say about FTX just months ago, and would have, as we now know, been very wrong. Edit: Just the daily trading volume of, say, the forex market, completely dwarfs both the total market cap of tether or the daily volume of Binance. The total value of global equity trading worldwide is also insanely bigger than these two combined.

encryptluks2 4y ago
I get that you'd need evidence, but wouldn't crypto be the perfect space for dark money? I believe there has been quite a bit of talk about the US's own intelligence investment in the crypto space. Almost everyone I've encountered that worked in US intelligence likes to operate unregulated more or less so that they can use their position to make money. Sure, there might be some laws against it but it happens very frequently. I witnessed it firsthand when working in government seeing the decision-makers getting kickbacks or eventually leaving to go work at the same vendor in a high-level position after approving a $20 million purchase for crap software.
- csomar 4y ago
  > I get that you'd need evidence, but wouldn't crypto be the perfect space for dark money? It should/could/is. However, there are two things you need to understand: 1. Crypto is mostly a young people game. Who happens to be quite broke. The people who have money where I'm from, are not comfortable with crypto. They'd rather deal cash, real estate, gold or valuable objects. 2. You can't launder money with crypto. You can only launder money with something that has an off-ramp. For now, crypto acceptance is very limited. The number of places, stores and businesses that accept crypto is quite minuscule that you almost always need an off-ramp into the traditional financial system. And that's where the laundering will happen, and is happening.
onlyrealcuzzo 4y ago
The spins people try to make crypto seem useful never cease to amaze. Even if we assume 100% of Binance and Tether are money laundering - it would be a fraction of the traditional money laundering industry already

encryptluks2 4y ago

I get that you'd need evidence, but wouldn't crypto be the perfect space for dark money? I believe there has been quite a bit of talk about the US's own intelligence investment in the crypto space. Almost everyone I've encountered that worked in US intelligence likes to operate unregulated more or less so that they can use their position to make money. Sure, there might be some laws against it but it happens very frequently. I witnessed it firsthand when working in government seeing the decision-makers getting kickbacks or eventually leaving to go work at the same vendor in a high-level position after approving a $20 million purchase for crap software.

csomar 4y ago
> I get that you'd need evidence, but wouldn't crypto be the perfect space for dark money? It should/could/is. However, there are two things you need to understand: 1. Crypto is mostly a young people game. Who happens to be quite broke. The people who have money where I'm from, are not comfortable with crypto. They'd rather deal cash, real estate, gold or valuable objects. 2. You can't launder money with crypto. You can only launder money with something that has an off-ramp. For now, crypto acceptance is very limited. The number of places, stores and businesses that accept crypto is quite minuscule that you almost always need an off-ramp into the traditional financial system. And that's where the laundering will happen, and is happening.

onlyrealcuzzo 4y ago

The spins people try to make crypto seem useful never cease to amaze. Even if we assume 100% of Binance and Tether are money laundering - it would be a fraction of the traditional money laundering industry already